Thinking about our offer

[Springforward]

We made an offer on a house on Friday, then upped it, then upped it again. We are now about 8% under asking price. The vendor wants "a few days" to think about it.

Somebody please reassure me this is a good sign?

We are proceedable and there is no upward chain. Vendor is downsizing into retirement apartment.

I really want this one!!!

Zoopla and nethouseprice sold prices match, it's the Zoopla guesstimates which are wildly out. I might go sabotage correct them with the feedback function.

People really are vile about money and property, aren't they?

It isnt necessarily about being vile, it is a business thing. For example, if you hold off here, walk away for 2 weeks, and then come back with an offer (for example)10k lower, they will at that point most likely bite your hand of to accept. How long would you have to work in your job to make 10k after tax?
Its the same for them - you seem keen, so they are trying to get what they can for their house.
I had a similar thing when I was buying my first, offered 5 below asking, they refused. Our solicitor told us that just because we wanted the house that didnt mean that people were queuing up to buy it, and to leave it for 2 weeks. By then they were willing to accept our offer

It is a business transaction. Alas, many people approach buying a house with their hearts and not their heads. The worst thing you can do - which estate agents love - is for you to gush over a house as they then know they have you hooked.

I was talking to an estate agent a few weeks ago who admitted to me, during the boom, her previous boss would allegedly ramp prices by ringing up buyers and allegedly telling them that he had received a better offer. Have no idea whether it is true or not but I have no reason to doubt her.

Personally, it sounds to me as if you are being taken as mugs and taken for a ride. If I was in your shoes I would cut all contact off with them - not even ring them in the morning or email them or anything. I would simply walk away now and find another house and another estate agent to buy through - and put this experience down as a lesson learnt.

Then I would sit back and watch whether this house actually sells or not.

Spring I had a similar experience and in the end walked away. 6 months later ea rings us to tell us the seller wanted us to have first refusal by Then we'd gone off the place. I put the lack of decency down to the vast sums off money that is involved nowadays in selling and purchasing property.

I had a similar thing mumzy, but where the EA messed us around with the prices refusing to budge on the asking price. About a year later the EA is on the phone to us wanting to take our offer... but by then we had lost interest in the house and, as we told the EA, house prices had fallen in that time and hence any offer we would make on that house would be considerably less than our offer of the previous year.

There are too many arrogant EAs and sellers out there who do not realise that the housing market is collapsing.

I have just been to have a look at a property which i had viewed last year.A flat 300k. It has just been re listed for 259 and i couldn't remember the garden access so drove round this am and as i was looking a guy came out and said he had been renting it for 8 months and the landlord is desperate to sell now.He had a couple of offers around xmas but buyers couldn't get mortgage. Interestingly when we viewed at 300 agent called it a bargain for location (they have achieved 350-375 in that road) but not anymore. There is no get out clause this time IRs low QE galore and 'schemes' to encourage buyers all haven't worked. There is only one way now for prices

I suspect you are right noddyholder, house prices are ludicrously high but the reality is that no one on an average wage can afford the bubble levels they have risen to. The banks clearly think a crash of 20% is coming because they are asking for 20% deposits. Looks like house prices are about to plunge at last.

Even the b'stard tory housing minister has said that a whole generation is priced out and he didn't mention any schemes or rescue packages at all and seemed more keen on a building programme to deliver affordable rentals. I have seen so many reductions the last few weeks that I plan to wait until xmas now. I always buy nov/december best time for a bargain

Well, they accepted our last offer today, after much posturing. Turns out our offer was good enough, after all.

well done you are in a good position and 8% is very generous in this market Hope you will be in quickly x

Great news told knew they were just playing around, ever considered gaz underling them?

No, this way I know my little boy is going to get into a good primary school in a nice area, frankly that's worth more to me than a couple of grand .

I'm off to look at fireplaces tomorrow....

Oh that's great Spring, congratulations! Fingers crossed it all goes forward smoothly and quickly from here.

Good news Spring. I'm glad you didn't offer, so good news all round. Celebrate!

...I'm glad you didn't offer more...

Hope you are out celebrating.

Thank you. I keep doing this --> so it must be The One!

Solicitors instructed and IFA doing his thing at speed, so fingers crossed now....